LAS VEGAS-The first phase of Rainbow Sunset Pavilion has changed hands for $24.5 million. The 64,000-sf retail center sits on 8.4 acres at Rainbow Boulevard and Interstate 215. The new owner is TREC Acquisitions, a subsidiary of locally headquartered TREC Investment Realty, which recently changed its name from Transwestern Investment Realty.
Rainbow Sunset Pavilion is a 450,000-sf mixed-use office and retail project on 23 acres. The developer of the $120-million project is Las Vegas-based Plise Development Cos. The office component will total 350,000 sf. The retail component will total approximately 100,000 sf.
Tenants in the seven-building retail piece acquired by TREC include Starbuck's, Nevada Federal Credit Union, Farmers Insurance, Port of Subs, the Cracked Egg, LA Boxing, Cabi Developers and Jugo Juice. A TREC representative tells GlobeSt.com that 2007 pro forma vacancy is approximately 5%.
TREC Investment Realty is a 1031 exchange specialist. The firm acquires newer class A and B properties with stabilized occupancy in primary metropolitan or secondary markets across the nation. Its preferred deal size is between $10 million and $50 million. The company hopes to acquire more than $400 million of real estate in 2007.
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